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FX.co ★ The crypto-winter is not over. Bitcoin continues to steadily fall

The crypto-winter is not over. Bitcoin continues to steadily fall

Bitcoin has been declining in price since the beginning of Tuesday trading, by the time of writing, its value is balanced at around $23,036.

According to CoinMarketCap, a digital asset tracking website, over the past 24 hours, the highest price of bitcoin reached $22,875.

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The crypto-winter is not over. Bitcoin continues to steadily fall

Analysts have recorded a decrease in the cost of bitcoin for the third consecutive day. Prior to this, the main cryptocurrency showed a confident positive trend and, following the results of the past July, soared by 27%, which was the highest growth rate in the last nine months.

The price of bitcoin came close to the important psychological mark of $25,000 on Saturday, in connection with which the participants in the virtual asset market started talking about the long-awaited end of the protracted crypto winter. However, with the onset of a new week, everything has changed.

The key reason for the current decline in world markets, including cryptocurrency, experts call the escalation of tension between the United States and China amid a possible visit to Taiwan by Speaker of the House of Representatives of the US Congress Nancy Pelosi.

Pelosi is currently in Malaysia, where she is scheduled to meet with Prime Minister Ismail Sabri Yaakob and Parliament Speaker Azhar bin Azizan Haroun.

Taiwanese media reports that the American politician will arrive in Taipei on Tuesday evening after visiting Malaysia.

Earlier, the Chinese Ministry of Defense warned that Pelosi's trip must be canceled or the Chinese military would "resolutely defend China's national sovereignty." Despite this, many experts are confident that Pelosi will almost certainly visit the territory claimed by Beijing.

Altcoin Market

Bitcoin's main competitor, the altcoin Ethereum, also started Tuesday's trading session with a decline and, by the time of writing, had fallen to $1,580.

As for cryptocurrencies from the top 10 by capitalization, over the past day, all coins, except for the stablecoin Tether, were traded in the red zone. At the same time, the most losses here were recorded by Polkadot (-10.9%), Ethereum (-6.53%), Solana (-6%), Cardano (-5.60%) and Dogecoin (-5.60%).

During the past week, all cryptocurrencies from the strongest ten, except for USD Coin stablecoins, grew in price. At the same time, the best results were recorded for Binance Coin (+13.84%).

According to CoinGecko, the world's largest virtual asset data aggregator, over the past 24 hours, among the top 100 most capitalized digital assets, Evmos coin (+95.2%) topped the list of leaders, while Filecoin (-25.3%) took the first place in the drop list. ).

According to the results of the past week, among the top 100 cryptocurrencies, the Evmos coin also showed the best results (+112.8%), and the worst - Tenset (-19.2%).

According to CoinGecko, over the past 24 hours, the total market capitalization of cryptocurrencies has fallen by 3.7% to $1.05 trillion. At the same time, the bitcoin dominance index dropped sharply to 39%.

Since last November, when the total market capitalization of cryptocurrencies exceeded $3 trillion, this figure has halved.

Traditionally, August is considered not the most favorable month for bitcoin. Over the past 11 years, the asset ended its growth only in five cases and declined six times. At the same time, the average increase was 26%, and the decrease was 15%. If the digital asset chooses the first scenario in August, it can end the month at $30,000, if the second is around $20,000.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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